Breed VC raises $15M for second early-stage crypto fund

Breed VC has closed its second fund at $15M, a modest but telling raise that underscores continued appetite for early-stage crypto bets even as the broader venture landscape remains selective. The firm, founded by Jed Breed in 2022, drew commitments from a roster of crypto-native backers including FalconX, Nic Carter, Rob Hadick, and Jake Brukhman. For context, Fund I closed at roughly $20M in early 2023, meaning the sophomore vehicle came in slightly smaller. Who’s behind the check FalconX is a digital asset prime broker that has quietly built out its own venture presence. Nic Carter, a founding partner at Castle Island Ventures and vocal Bitcoin advocate, is a returning backer from Fund I. Rob Hadick is a general partner at Dragonfly, and Jake Brukhman runs CoinFund, one of the more established crypto-focused investment firms. Other participants in Breed VC’s orbit have included executives from Tribe Capital and Coinbase, though it’s unclear whether those names appeared on the Fund II cap table specifically. SEC filings from November 2025 showed a first close of $13.58M from 51 limited partners, suggesting the final stretch to $15M involved a handful of additional commitments. Fi...